Young people are more engaged with current affairs than ever, but when it comes to the financial news, a lot of people don’t have a clue what any of the numbers mean. I spoke to…
What is a healthy economy?
The numbers at the end news give us ways of understanding what’s going on in the Australian economy and what’s going on in the bigger picture.
“We might have a measure like unemployment which tells us how many people have jobs, how many people are looking for them, and…
...what sort of areas we might need to be developing in to
So, having a low unemployment rate is a good indication of how a country’s economy is doing. But what about the other numbers?
“There are lots of different measures of what a healthy economy might look like. A common one is Gross Domestic Product (GDP), which tells us how much a country produces in a year,” Rachel told me.
'That can be a really good measure of outcome but it doesn't tell us what people are being paid for their work, whether work is being done in sweatshops, and
Rachel works for Deloitte Access Economics, who recently did a report what the impact on clothing prices would be if everyone was paid a living wage in our supply chain.
“We found that the price of clothing in Australia would increase by only 1%. I think that’s a pretty fair price to pay,” Rachel said.